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Allwyn International and OPAP have officially announced their merger, with both boards approving an all-share deal that values the new entity at €16 billion. This partnership will create the second-largest publicly listed lottery and gaming operator in the world, and the combined company plans to remain listed on the main market of the Athens Stock Exchange.
Following the merger, Allwyn aims to pursue an additional listing on a significant international exchange, potentially in New York or London.
This transaction builds on a collaborative relationship that began in 2013 when KKCG, Allwyn’s controlling shareholder, first invested in OPAP. Currently, Allwyn owns 51.78% of OPAP, and in the new arrangement, it will maintain a 78.5% economic interest, while OPAP will hold 21.5%.
“Today’s announcement redefines the sector, signalling the creation of the second largest listed gaming entertainment company globally,” said Karel Komarek, founder and chair of Allwyn and KKCG Group, the investment company behind Allwyn.
“For investors, this is a unique opportunity to be part of a dynamic company that is shaping the future of entertainment.
“The combined strength and scale of these multi-billion dollar businesses, massive customer base and Allwyn’s continued investment in technology and content, will accelerate innovation and fuel significant international growth. We’re on a mission to build the world’s leading global gaming entertainment company, and today’s transaction takes us one step closer to that goal.”
What to expect from the merger?
Allwyn views this move as a significant milestone in its growth journey, highlighting that a public listing will provide access to equity capital markets, paving the way for future expansion.
For OPAP, the deal is a strategic safeguard for its long-term value, with shareholders set to benefit from broader growth opportunities. As part of this transition, OPAP plans to rebrand itself from OPAP to Allwyn starting in the first quarter of 2026.
In collaboration with Allwyn, OPAP will also restructure its operations by transferring its business to new Greek subsidiaries and moving its statutory seat to Luxembourg. Allwyn will contribute its assets and liabilities to the newly issued shares in LuxCo, forming the combined operation. Following this, the merged entity will re-domicile to Switzerland, where Allwyn is based.
Allwyn projects a double-digit EBITDA growth rate from 2024 to 2026, which is expected to be much higher than OPAP’s standalone growth. The focus on digitalization will be crucial, as Allwyn plans to enhance its ownership of technologies, proprietary content, and AI capabilities. This strategy is aimed at reducing reliance on third-party services and accelerating innovation.
Additionally, the merger promises diversification and substantial strategic options across various global markets.
Chvatal to lead combined company
Following the merger, Allwyn’s current CEO, Robert Chvatal, will take over as the leader of the newly formed company. He will continue to be supported by Kenneth Morton, who will retain his position as CFO.
The operations of OPAP in Greece and Cyprus will be overseen by its existing management team, with Jan Karas serving as CEO and Pavel Mucha as CFO.
At the top of the organization, Karel Komarek will serve as chair, leading an eight-member board that includes six existing directors from Allywn and two newly appointed independent non-executive directors.
Allwyn CEO Robert Chvatal said, “This transaction marks a further milestone in Allwyn’s successful journey. Since being founded 13 years ago, we have grown substantially in terms of business performance, scale and innovation.”
“With this combination, we will be able to grow further, faster as we deploy group-wide know-how, a unified brand and sponsorship strategy, and in-house technology and content.”
OPAP CEO Karas also commented on the merger, stating, “This exciting combination creates a leading gaming company with strong Greek heritage, as well as a continued presence and listing in Greece. I’m excited about the opportunity for OPAP to deepen our strong existing relationship with Allwyn, driving innovation and additional growth opportunities.”
Source: NEXT/iGB
Image Credit: By NikosLikomitros – Own work, CC0, https://commons.wikimedia.org/w/index.php?curid=136459161
